Octopus Variable or fix now?

aallank

Hi, 

I'm looking for advice please as I have no clue.

I'm currently on flexible avro October 2021 v1

Electric
29.48p/kWh

41.39p/day

Gas

7.32p/kWh

27.22p/day

I am in debt with them

I understand prices are going up again in October, but I'm unsure whether I should wait a bit or fix for 12m now? with no exit fee to:

Electric

69.16p/kWh 

41.39p/day

Gas

18.77/kWh 
27.22p/day

wild666

I think at approx. 69p and 19p per kWh you will be better staying on the SVR. It's only 7 days until the October rates are published and I don't think they are going to be above the rates you are offered in the fix they might be close to the January rates or even next Aprils rates but not October's.

aallank

Thank you very much 🙂

QrizB

For what it's worth, Octopus don't have any exit fees on (almost all of) their fixed-rate tariffs.

You could accept their offer today, pay more for a week and then, if the cap is lower than your fix, switch back to the SVT.

Irratus_Rusticus

Hi. Degree in codology needed these days with this cap comparison malarkey. Been eyeing Octopus fixes too. Midland region electricity quote slightly different to yours. You don't give your consumption but based on 1000 kwhs for each fuel, here is your fix quote compared to present national average projections ( wrong direction!): 

aallank

Thank you all.

After today's announcement I wondered if the advice is still the same (stick with variable)?

Phlik

Personally I'd be opting for the tracker and agile tariffs before they're changed again.

aallank

Phlik said:

Personally I'd be opting for the tracker and agile tariffs before they're changed again.

Thank you, so if I'm with Octopus do you mean the 12m fixed tariff?

aallank

Irratus_Rusticus said:

Hi. Degree in codology needed these days with this cap comparison malarkey. Been eyeing Octopus fixes too. Midland region electricity quote slightly different to yours. You don't give your consumption but based on 1000 kwhs for each fuel, here is your fix quote compared to present national average projections ( wrong direction!): 

Thank you.
What are you thinking after today's figures?

aallank

wild666 said:

I think at approx. 69p and 19p per kWh you will be better staying on the SVR. It's only 7 days until the October rates are published and I don't think they are going to be above the rates you are offered in the fix they might be close to the January rates or even next Aprils rates but not October's.

Can I ask what your thoughts are after today's announcement please?

aallank

Just seen this posted on Octopus website: (not sure if this means I should wait for them to announce their changes before I decide what to do)

Ofgem, the energy regulator has announced that the energy price cap will increase to £3,549 for a typical dual fuel household from October 1st.

Octopus has not yet made decisions on its prices - we are working on our plans and expect to announce changes in the next 10 days.

We know this is a stressful time for everyone, and will be increasing our support for customers who need it most.